Dougherty & Co upgraded A10 Networks (NYSE: ATEN) from Neutral to Buy with a price target of $8. Analyst Catharine Trebnick noted two consecutive quarters of execution and positive catalyst on the horizon.

"We are upgrading our rating of ATEN shares to a Buy and giving a PT of $8 as result of the company's overall improvements including: (1) Improved and consistent execution in the channel as evidence by solid performance across all geographies and products. (2) Diversified customer base with a broad range of customers ranging from hosting companies, to government entities, to financial institutions in the enterprise segment. (3) Focus on winning smaller deals with the mid-market showing results by driving a shorter cycle and supporting the recent step up in revenue gains. (4) The company plans to be operating margin positive in 2016. Our PT is based on 1.8x EV/2016 sales," said Trebnick.

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Shares of A10 Networks closed at $5.86 yesterday.